Edwards Lifesciences Raises 2026 Sales Outlook After Q2 TAVR Growth

Edwards Lifesciences raised its 2026 sales growth outlook after reporting second-quarter sales of $1.74 billion, up 13.6% from a year earlier, or 12.5% in constant currency, according to its July 23 earnings release. The company now expects full-year constant-currency sales growth of 10% to 11%, up from 9% to 11%.

Diluted earnings per share were 42 cents; adjusted EPS, a non-GAAP measure, was 78 cents. Edwards reaffirmed its adjusted EPS guidance of $2.95 to $3.05 for the year.

"We delivered stronger-than-expected second quarter sales growth of 12.5%," CEO Bernard Zovighian said in the release.

TAVR and mitral-tricuspid sales

Sales of transcatheter aortic valve replacement (TAVR) devices, Edwards' largest product line, rose 11.3% to $1.26 billion, or 10.5% in constant currency. The company said growth benefited from a competitor's exit in the second quarter of 2025 and from long-term durability data for its SAPIEN valves, and that average selling prices were stable. It raised its TAVR constant-currency growth guidance to 8% to 9%, from 7% to 9%.

Sales in transcatheter mitral and tricuspid therapies (TMTT) rose 47.3% to $195.9 million, or 44.8% in constant currency. Edwards raised its full-year TMTT sales guidance to $760 million to $780 million, from $740 million to $780 million. Surgical sales grew 6.5% to $284 million.

Edwards said it expects fourth-quarter U.S. approval of a tricuspid indication for its PASCAL system and approval of a next-generation PASCAL with Capture Clarity technology in the U.S. and Europe. It also said it received U.S. approval for ECLIPTIS, a surgical left atrial appendage system, and plans a measured rollout later this year.

The quarter's results "should alleviate utilization concerns" raised earlier in the earnings season, Evercore ISI analysts said, as reported by MedTech Dive. The publication noted that hospital operator HCA Healthcare had reported a loss tied to patients losing exchange coverage, and that Intuitive had said U.S. procedure growth softened after enhanced Affordable Care Act premium subsidies expired.

Catalysts still pending

Edwards said the Centers for Medicare & Medicaid Services is continuing its reconsideration of the national coverage determination for TAVR, with a final decision memo expected in September. MedTech Dive reported that Edwards is awaiting a policy change that would extend Medicare TAVR coverage to asymptomatic patients.

The company also expects results of its PROGRESS trial, which studies TAVR in patients with moderate aortic stenosis, to be presented at the TCT conference later this year. "We believe that if the data is positive and the current TAVR indication is expanded to include at least some moderate disease patients, it could help sustain or even possibly re-accelerate TAVR growth," Stifel analyst Rick Wise wrote, according to MedTech Dive.

Several analysts said the outlook implies TAVR growth will moderate in the third quarter against a difficult year-ago comparison, the publication reported. Edwards projected third-quarter sales of $1.63 billion to $1.71 billion.

The company said gross profit margin was 77.5% in the quarter and that it now expects full-year gross margin at the lower end of its 78% to 79% guidance because of foreign exchange effects.